OpenFX
Stablecoin-based institutional cross-border payment and settlement infrastructure
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OpenFX is an institutional-grade cross-border payment infrastructure designed to optimize the traditional correspondent banking system through blockchain and stablecoin technology. Its core capabilities include multi-currency and stablecoin (e.g., USDC, USDT) exchange and settlement, API-driven automated trading, and tools for liquidity management, real-time reconciliation, and fund tracking. The platform emphasizes eliminating pre-funding requirements by directly connecting local fiat and stablecoin liquidity pools, thereby reducing transaction costs and improving processing efficiency. The service primarily targets institutional clients such as remittance companies, payment processors, and digital banks, claiming support for over 40 currency pairs with settlement achievable within minutes.
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About OpenFX
OpenFX is a cross-border payment company that uses stablecoins (USDC and USDT) to move money internationally. Its core business is simple: instead of relying on the traditional correspondent banking network, it converts fiat currency into stablecoins, transfers them on blockchain rails, and converts them back to local currency on the other end. This process eliminates the need for pre-funded nostro accounts, which are a major cost and liquidity burden for payment companies.
The main problem OpenFX solves is the slowness and high cost of traditional cross-border payments, which typically take 2–7 days and involve multiple intermediaries. By using stablecoins, OpenFX can settle most transactions in under an hour, with many completing in minutes. It also offers transparent, predictable pricing regardless of volume, which is critical for high-volume clients like remittance companies, neobanks, and payment processors.
A key differentiator is its compliance and regulatory infrastructure. OpenFX holds licenses in multiple jurisdictions and has built banking relationships in each market it serves. This allows it to offer global reach while staying locally compliant—something many pure-play crypto companies struggle with. The company's narrative is that blockchain is just one layer of the payment stack; the real value lies in the operational infrastructure around it, including banking partnerships, liquidity management, and regulatory coverage.
In the past six months (March–September 2026), OpenFX has been expanding its geographic footprint, with a focus on Southeast Asia and Latin America, where stablecoin adoption is growing rapidly. The company has also been strengthening its API and platform capabilities to better serve institutional clients. While specific product launches were not detailed, the overall direction is clear: OpenFX is moving from a niche stablecoin bridge to a broader cross-border payment infrastructure provider.
OpenFX, founded in 2024 by Prabhakar Reddy, focuses on stablecoin-powered cross-border payments. In March 2026, it raised $94M in Series A funding led by Accel, Lightspeed, and others, marking a key milestone for scaling its infrastructure. Later, OpenFX acquired Global Ledger, founded by Tyler McIntyre (ex-Neo), to launch multi-currency accounts for fintechs. This acquisition enables clients to hold and settle in local currencies via stablecoin rails, reducing reliance on traditional correspondent banking. These two events—funding and strategic acquisition—represent long-term significance: they solidify OpenFX's position as an independent liquidity and account layer, moving beyond simple payment processing toward full-stack treasury infrastructure.
OpenFX, a stablecoin-based cross-border FX platform, achieved major milestones in H1 2026. In March, it raised $94M in Series A funding led by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera, with plans to expand into Southeast Asia and Latin America. By August, OpenFX acquired Global Ledger, a payments infrastructure firm founded by Tyler McIntyre (ex-Novo), who joined as Head of Banking. The acquisition enabled the launch of multi-currency accounts, allowing clients to hold USD and other currencies, send/receive via ACH, Fedwire, SWIFT, and integrate with stablecoins like USDC. The company reported $45B in annualized payment volume, with 90% of transactions settling in under 60 minutes. Future roadmap focuses on expanding multi-currency account capabilities, deepening liquidity in emerging markets, and growing its licensing footprint across the U.S., UK, UAE, and India.
Prabhakar Reddy (Founder & CEO)
Serial entrepreneur with 4 startups, including FalconX ($8B crypto brokerage). Previously investor at Accel, founded video platform Veevr (acquired). Harvard MBA. Leads OpenFX, a stablecoin cross-border payment platform processing $34B annualized volume.